The privacy features in Monero do come at a certain cost of an increased blockchain size which is around 45GB right now.

That said, the codebase is very much alpha stage at the moment, and currently, there is absolutely no compression of the blockchain data. This is one of the main priorities for the dev team – to implement a robust & scalable database platform.

The team is very active on this, but it is pointless to ask/spam ‘are we there yet?’ on the forums or IRC, since the task is non-trivial and will take whatever is the necessary amount of time to be done right.

When this is complete, bells and whistles will be heard on the Interwebs.